08p4b by mahmoudashraf42

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									Instructions for the Microsoft Excel Templates

Be advised, the worksheet and workbooks are not protected.

Extensive detail and information is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of
several help menus.

You should enter your name, course ID, date, and instructor's name into the cells at the top of the page.

Each page contains a page footer with a Page # of Page ## as well as time and date to assist in assembly of multiple pages.


Each worksheet contains the identification of the problem or exercise.

All formatting should have been accomplished to provide satisfactory presentation. See the text for additional assistance in
formating.

If more than one page is required by the problem, the page breaks are preset.

In general, the yellow highlighted cells are the cells which work and effort should be presented.

Place the proper account title in the cell where the word "Account title" appears on the template.

Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may be placed in some
of these cells.

Write a formula into cells where the word "Formula" appears. In these cells, an amount calculated can be entered. An amount
can be placed in these cells.

Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template.

Insert the account number where "Acct Nbr" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) or -$400.

Consider using "Split" panes to assist in copy and paste of data.



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Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where cell A34 contains
the data to be entered. This precludes typing and data entry errors.




                      d245d30a-84f8-4634-a3b4-3cb3fb8c6342.xls, Page 2 of 3, 3/24/20126:01 PM
Name:
Exercise:           Problem P8-4B
Course:
Date:
P8-4B
Here is information related to Virtual Company for 2007.
                                  Total credit sales                              $2,000,000
                                  Accounts receivable at December 31                 500,000
                                  Bad debts written off                               19,000

 Instructions:
(a) What amount of bad debts expense will Virtual Company report if it uses the direct write-off method of accounting for bad
debts?
                                                        Formula

(b) Assume that Virtual Company decides to estimate its bad debts expense based on                    4% of accounts
receivable. What amount of bad debts expense will the company record if it has an Allowance for Doubtful Accounts
credit balance of       $4,000
                                 Amount         X        Percentage        =          Formula
                                Plus debit balance                                    Amount
                                                                                      Formula

(c) Assume the same facts as in part (b), except that there is a          $2,000 debit balance in Allowance for Doubtful
Accounts. What amount of bad debts expense will Virtual record?
                                   Amount          X         Percentage    =            Formula
                                 Plus debit balance                                     Amount
                                                                                        Formula

(d) What is a weakness of the direct write-off method of reporting bad debts expense?
Enter text answer here.




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